news release constantine-carlin yukon jv defines 6.5 km
TRANSCRIPT
September 6, 2011 #82-11
NEWS RELEASE
CONSTANTINE-CARLIN YUKON JV DEFINES 6.5 KM LONG
GOLD AND ARSENIC SOIL ANOMALY
- Additional Reconnaissance Gold Anomalies Discovered -
Constantine Metal Resources Ltd. (“Constantine”) (TSX Venture - CEM) and Carlin Gold Corporation
(“Carlin”) (TSX Venture - CGD) jointly (the "Companies") are pleased to report initial results from
follow-up work and new gold anomalies from reconnaissance sampling on Yukon gold properties of the
Constantine-Carlin 50/50 Joint Venture (the “JV”). The JV is exploring for Carlin-type gold deposits in
Yukon’s Selwyn Basin, and controls 4,967 claims in twelve gold property areas totaling approximately
1,000 square kilometers. Approximately 12,000 soil, silt and rock samples have been collected to date as
part of a $1.2 million exploration program.
TUT Property
Initial laboratory data at the TUT property has confirmed and expanded a previously announced
coincident gold and arsenic soil anomaly (see news release dated August 9, 2011). The anomaly, which
spans 6.5 kilometers in length and ranges from 300 to 1200 meters in width, is defined by soils with
greater than 100 ppm arsenic and greater than 20 ppb gold (Figure 1). Individual soil samples within this
area are as high as 2809 ppb (2.81 grams per tonne gold) and 58652 ppm (5.87 percent) arsenic. On-site
XRF analysis of detailed infill grid samples has defined a greater than 1000 ppm arsenic core to the
anomaly that is 1.5 kilometers in length and 500 meters in width. Gold assays for over 1600 infill soil grid
and rock chip samples are pending. Seven mineralized grab samples from initial prospecting within the
1000 ppm arsenic core anomaly area range from 2.01 grams per tonne gold to greater than 10 grams per
tonne gold, with an average grade of 5.21 grams per tonne gold (overlimit assay is pending for sample
exceeding upper analytical limit of 10 g/t)*. The core of the soil anomaly correlates with a zone of altered
and heavily fractured rhyolite dikes that are commonly associated with quartz-arsenopyrite veining.
Dikes within the zone average 35 to 50 meters in width and are located near the outer edge of a contact
metamorphic aureole, approximately one kilometer outboard of a Cretaceous-age quartz monzonite stock.
Other separate areas on the TUT property receiving follow-up evaluation include a zone of gold-in-soil
values encountered on a reconnaissance soil traverse six kilometers west of the above described anomaly.
This zone is defined by anomalous gold-in-soil values ranging from 56 ppb to 163 ppb gold over a
distance of approximately one kilometer and is the focus of additional grid sampling, prospecting and
mapping.
X Block Property
Initial sampling at the JV’s X Block property has encountered several areas with anomalous gold and
arsenic, with associated thallium and mercury that are the focus of detailed follow-up work. Separate soil
samples have returned values of up to 4248 ppb (4.25 grams per tonne) gold, 9756 ppm arsenic, 13.6 ppm
thallium and 9.3 ppm mercury. The geological setting of these anomalous sample areas is within the
lower Paleozoic strata and structures targeted in the initial staking.
The TUT and X Block properties are located 35 and 55 kilometers respectively from the North Canol
Road, and 140 kilometers northeast of the community of Ross River. An established winter road route
passes near the edge of both properties.
Bob Thomas, VP Exploration for Carlin, comments: “We are very encouraged by these initial results. It
is still early in the evaluation of the data, much of which is pending for assay, but our grassroots
discovery of new gold occurrences clearly supports our regional targeting concepts. Fieldwork has
confirmed many of the prospects are in settings permissive for Carlin-type mineralization; however,
results at the TUT property indicate the added potential for discovery of intrusive-associated gold
deposits within the 1000 square km JV land package, similar in style to the large multi-million ounce gold
deposits that characterize the Tintina Gold Belt such as Donlin Creek, Fort Knox, Livengood and Dublin
Gulch.”
Permit Approval and Future Plans
The Companies are also pleased to report receipt of Yukon Mining Land Use Class III permit approval.
The approval, which is valid for a term of five years, allows ongoing exploration that includes drilling on
the JV’s twelve Yukon gold properties. Current work on the properties is designed to advance soil and
rock anomalies into drill targets for the 2012 field season.
The JV continues to follow-up on the XRF arsenic data and the laboratory data as it is received. Gold
assay results have been received for approximately one-quarter of all samples collected to date.
Additional information, including maps, photos, and a video update is available on the web
(http://constantinemetals.com/projects/yukon/ and www.carlingold.com).
About Constantine
Constantine is a gold and copper exploration company that, in addition to controlling a major land
position in Yukon, has multiple active projects located in premier North American exploration
environments. These are highlighted by the 100% owned Palmer Project, located in a very accessible part
of southeast Alaska, that is host to a NI43-101 compliant 4.12 million tonne inferred resource grading
2.01% copper, 4.79% zinc, 0.30 g/t gold and 31 g/t silver (using an NSR cut-off of US$75/t; see news
release dated January 20, 2010), the 100% owned Timmins area Munro-Croesus Project that includes a
past-producing mine property that yielded some of the highest grade gold ever mined in Ontario, and the
Trapper Gold Project in northern British Columbia that is optioned to Ocean Park Ventures Ltd. who are
carrying out a $4.9 million, 10,000 meter drill program on the property in 2011.
About Carlin
Carlin is a gold exploration company focused in Nevada and Yukon. Carlin owns 100% of three
properties in Nevada, all of which represent Carlin-type gold targets. The Cortez Summit property is
located within the Cortez gold trend between the past producing Horse Canyon and Buckhorn gold mines
owned by Barrick Gold Corporation. Barrick’s new Cortez Hills mine is located 4 miles west of Cortez
Summit. This mine and other Barrick operations in the district produced 1.14 million ounces of gold in
2010 (Barrick 2010 Annual Report). Geological, geochemical and geophysical assessment of the Cortez
Summit property has resulted in definition of several priority drill targets. A drill permit application is in
progress.
The JDS property is 12 miles southeast of Cortez Summit along the southeast extension of the Cortez
gold trend near the southernmost Paleozoic carbonate window in the trend. The Willow property is
located in northeast Nevada, northwest of the new Long Canyon gold discovery in the Pequop Mountains,
which is part of the recently completed Newmont Mining Corporation acquisition of Fronteer Gold Inc., a
$C2.3 billion transaction.
On Behalf of Constantine Metal Resources Ltd. On Behalf of Carlin Gold Corporation
“Garfield MacVeigh” “K. Wayne Livingstone”
President President
Investor relations enquiries, please contact:
R.E. (Bob) Jeffery
Phone: 250-335-2011
Email: [email protected] or Email: [email protected]
www.constantinemetals.com
or
Jim MacDonald, Torry Hills Capital
Phone: 858-456-7300
Email: [email protected]
* Mineralized grab samples refers to samples assaying greater than 0.5 grams per tonne gold. Average of
seven samples utilizes a value of 10 grams per tonne for one sample that exceeds the upper analytical
limit of 10 gram per tonne.
Note:
Soil and silt samples are pre-screened with an on-site XRF geochemical analyzer prior to submission to assay
laboratory, and while unable to determine gold content, the instrument does provide a reliable indication of the
tenor of important pathfinder elements and base metals that allows for „real time‟ decisions in the field. Soil and
silt sample preparation and XRF analysis is performed on the project site under the supervision of a qualified
geologist. All soil and silt samples are dried and sieved to -80 mesh, with a nominal 5 gram split prepared in
specialized sample cups for pre-screen analysis with a handheld Niton XL3t 900 model XRF analyzer. A quality
assurance program is in place that includes routine analysis of standards to check XRF data quality. The remaining
fine fraction is shipped by air to Acme Analytical Laboratories, Vancouver BC for gold and multi-element analysis
by ICP-MS following digestion by Agua Regia. Arsenic determined by XRF has been compared against ICP-MS
arsenic data from Acme Analytical Laboratories for the 2865 soil samples for which assay results have been
received to date and these data demonstrate excellent correlation with an R squared value of 0.986.
Darwin Green P.Geo, Vice President for Constantine Metal Resources Ltd. and a qualified person as defined by
Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this
release. Robert Thomas CPG, Vice President for Carlin Gold Corporation and a qualified person as defined by
Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this
release on behalf of Carlin Gold Corporation.
Forward looking statements: This news release includes certain “forward-looking information within the meaning
of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 (collectively "forward looking statements")” concerning the Companies‟
plans for their properties, operations and other matters. Forward-looking statements include predictions,
projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”,
“believe”, “plan”, “estimate”, "forecast", “expect”, "potential", "project", "target", "schedule", budget" and
“intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved
and other similar expressions and includes the negatives thereof. All statements other than statements of historical
fact, including, without limitation, statements regarding the Companies‟ planned sampling program, drilling permit
applications, potential mineralization, the estimation of mineral resources, the realization of mineral resource
estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration
activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and
currency exchange rates, availability of capital to the Companies and their joint venture partners, government
regulation of exploration operations, environmental risks, reclamation, title, statements with respect to the future
price of gold and other metals, and future plans and objectives of the Companies are forward-looking statements
that involve various risks and uncertainties. There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ materially from those anticipated in such
statements. Forward-looking statements are based on a number of material factors and assumptions. Important
factors that could cause actual results to differ materially from Companies‟ expectations include regulatory
approval, actual exploration results, changes in project parameters as plans continue to be refined, results of future
resource estimates, future metal prices, availability of capital and financing on acceptable terms to the Companies
and their joint venture partners, general economic, market or business conditions, uninsured risks, regulatory
changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or
equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on
operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in
the filings made by the Companies with securities regulators. Although the Companies have attempted to identify
important factors that could cause actual actions, events or results to differ from those described in forward-looking
statements, there may be other factors that cause such actions, events or results to differ materially from those
anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly
readers are cautioned not to place undue reliance on forward-looking statements. The Companies undertake no
obligation to update these forward-looking statements other than as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news
release.